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Will oil prices rebound in 2016?

Cutback in oil industry spending and production in countries like the Venezuelas or Nigerias will definitely have a supportive push this year for oil prices.

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China Petroleum & Chemical Corp and Cnooc Ltd, two of the country's biggest oil producers, were among Asian energy companies whose credit ratings were downgraded or put under review by Standard & Poor's after cutting its crude price forecast.

Oilprice.com recently spoke with Carl Larry, director of oil and gas at Frost & Sullivan, a consultancy that conducts research on oil and gas markets, to get his thoughts on the state of oil in 2016.